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Mississippi Medicaid Top Legislative Priority

No Comments Elder Law

Mississippi’s Medicaid program faces a significant shortfall that the legislature must address this legislative session.  A recent article details the problem.  Another attempt at raising the tobacco tax is one option being considered.  Approximately 75% of all Mississippi Medicaid funding comes from the federal government. 

New Options for Spousal Rollover

No Comments News & Updates

Before 2007, a non-spouse beneficiary of aqualified plan was stuck taking distributionsunder the terms of the plan, which typicallyrequired full distribution within five orfewer years of the participant’s death. ThePension Protection Act of 2006 (PPA 2006)authorized non-spouse beneficiaries (beforeit was only surviving spouses) to roll overto an Inherited IRA.

Buffett Urges Preservation of the Estate Tax

No Comments Estate Planning

Billionaire Warren Buffett urged Congress to preserve the estate tax, saying that plans to repeal it would benefit a handful of the richest American families and turn the country into a "plutocracy."

How to Contest a Will

No Comments Estate Planning

You had a loving relationship with your mother and she always said she would leave everything to you and your siblings, but after she died, you discover she had recently written a new will, leaving everything to her housekeeper. Is there anything you can do? If you believe a loved one’s will is not valid, […]

Do-It-Yourself Medicaid Planning Results in Loss of Inheritance

No Comments News & Updates

A Mississippi a man who transferred oil interests on his property to his girlfriend in order to conceal them from Medicaid is not entitled to get the interests back, a state appeals court has ruled.

Protect Your Children: Choose a Guardian

No Comments Estate Planning

Many parents suddenly find themselves considering estate planning because they want to ensure the care of their children. Some new clients of mine, John and Anna, a couple from Madison, Mississippi, recently adopted a newborn baby. Even though they are in their late twenties, they’re concerned about who would care for their son if something […]

Medicare Coverage for Nursing Homes

No Comments Elder Law

Medicare Part A covers up to 100 days of "skilled nursing" care per spell of illness. However, the conditions for obtaining Medicare coverage of a nursing home stay are quite stringent. Here are the main requirements:  The Medicare recipient must enter the nursing home no more than 30 days after a hospital stay that itself […]

Why do Men Claim Social Security Early?

No Comments News & Updates

Most married men claim Social Security benefits at age 62 or 63, well short of Social Security’s Full Retirement Age or the age at which they would get the most value from their benefits. The economic sacrifice isn’t great for the men — their benefit is less than 4 percent less than what it could […]

Long Term Care Payments Counted as Income

No Comments Elder Law

A Florida appeals court finds that long-term care insurance payments that do not reimburse actual medical expenses must be counted as income when determining Medicaid eligibility. Rosenshein v. Florida Department of Children (Fla. Ct. App., 3rd Dist., No. 3D07-989, Oct. 24, 2007).

Taxation of Trusts Simplified

No Comments Estate Planning

 Trusts are Separate Taxpayers All trusts are separate taxpayers. Unless disregarded under the exception for grantor trusts discussed below, each trust has its own tax year and tax accounting method. Trusts also receive income and pay expenses. Net income is taxed either to the trust or to the beneficiaries, depending upon the trust terms, local […]

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